If you’re thinking of starting your own business, hair salon franchises could be a great option. With so many different hair salon franchises to choose from, there’s sure to be one that fits your personality and budget. In this article, we’ll discuss 10 hair salon franchises you might want to consider. Let’s get started!
What is a Hair Salon Franchise?
A hair salon franchise is a business model in which an individual, or group of individuals, purchases the rights to use a nationally recognized brand and its associated products and services in their own hair salon. The franchisee benefits from the established reputation and marketing efforts of the larger franchise, while the franchisor earns ongoing fees and royalties.
- READ MORE: How to Start a Hair Salon
The Hair and Beauty Industry in 2022
In 2022, the beauty salon industry, which includes the hair industry and salon industry, is expected to continue its steady growth, despite the challenges posed by the COVID-19 pandemic. The industry, which was worth about $69.05 billion in 2019, is currently worth an estimated $53.6 billion in the US alone. With more consumers prioritizing self-care and investing in personal appearance, the industry is poised for continued success.
Why You Should Consider a Hair Salon Franchise
Starting a hair salon franchise business has many benefits. Let’s take a look at five reasons why you should start a hair salon franchise in 2022:
- Be your own boss. As a franchisee, you’ll be in charge of your own business. This means you’ll have the freedom to make decisions about how to run your salon, including setting your own hours and pricing.
- Access to proven business systems. When you start a hair salon franchise, you’ll be tapping into a proven business model that has been successful in other markets. This franchise model will give you a head start on success and help you avoid common mistakes that new business owners make.
- Benefit from national marketing efforts. One of the benefits of being part of a franchise is that you’ll have access to national marketing campaigns. This will help raise awareness of your salon in your local market and bring in new customers.
- Receive ongoing support. When you become a franchisee, you’ll have the backing of the franchisor. This means you’ll have access to expert advice and support when you need it, which can be invaluable as you grow your business.
- Build equity in your business. As a franchisee, you’ll have the opportunity to build equity in your business. This can be a valuable asset if you ever decide to sell your salon or retire.
- READ MORE: How to Create a Salon Business Plan
Top Hair Salon Franchises
If you’re interested in owning your own salon suite, look no further. These top franchises offer the support and resources necessary for success in the hair industry. Let’s check them out…
1. Fantastic Sams
Fantastic Sams is a hair salon franchise that has an initial franchise fee of $30,000 and a total investment of between $265,500 and $530,000. The minimum net worth requirement is $500,000 and the minimum liquidity requirement is $100,000.
2. Sport Clips
Sport Clips is a franchise opportunity that offers military veterans a 20% discount on the initial franchise fee. The total investment required to open a Sport Clips franchise is between $266,300 and $439,500, and the minimum net worth and liquidity required are $400,000 and $200,000, respectively.
3. Great Clips
The franchise fee for a Great Clips location is $20,000 to $35,000, and the total investment required ranges from $178,400 to $376,900. The company also has minimum net worth and liquidity requirements depending on the market in which you plan to open your location. To qualify for a Great Clips franchise, you must have a credit score of 675 or higher.
4. Roosters Men’s Grooming Center
The Roosters Men’s Grooming Center franchise opportunity is for men who want a polished and professional appearance. The investment range is $173,750 to $303,350, and the minimum net worth and liquidity requirements are $750,000 and $150,000, respectively.
5. Supercuts
Supercuts is a hair salon franchise opportunity by the Regis Corporation that requires a minimum net worth of $1,000,000 and liquidity of $250,000. The franchise fee is $39,500 and the total investment ranges from $151,370 to $321,020. Supercuts charges a royalty fee of 6% and an ad fee of 5%.
More Top Hair Salons Open to Franchisees
From cut and color to styling and extensions, these franchises offer a wide range of salon services. Let’s continue with our list of hair salons…
6. Drybar
The Drybar franchise opportunity is perfect for entrepreneurs who are looking for a high-end salon franchise. The initial investment ranges from $596,335 to $1,030,034, and the royalty fee is 7%. This franchise is best suited for entrepreneurs with a minimum net worth of $750,000 and liquidity of $250,000.
7. Cost Cutters
Cost Cutters is a franchise opportunity that requires a minimum net worth of $1,000,000 and liquidity of $250,000. The franchise fee is $39,500 and the total investment ranges from $148,930 to $316,700. The royalty fee is 6% and the ad fee is 4%.
8. Snip-its
Snip-its is a children’s hair salon franchise that requires a minimum net worth of $500,000 and liquidity of $100,000. The franchise fee is $35,000 and the total investment ranges from $128,975 to $239,375. The royalty fee is 6% and the national ad fund contribution is 2%.
9. Salons by JC
The Salons by JC franchise opportunity requires a minimum net worth of $2,000,000 and liquidity of $500,000. The franchise fee is $50,000 and the total investment ranges from $1,007,875 to $1,636,200. The royalty fee is 5.5% and the ad fee is 1%.
10. Cookie Cutters Haircuts for Kids
The Cookie Cutters Haircuts for Kids franchise opportunity has an initial franchise fee of $40,000 with a total investment ranging from $90,500 to $261,000. The royalty fee is 5%, and the ad fee is only 1%.
- READ MORE: See our Franchise Guide
How to Choose the Best Franchise to Set Up Hair Salon Business
Choosing the best hair salon franchise can be tough. Here are 4 tips to help you choose the best hair salon franchise for yourself:
Do your research
The first step is to research and find out which hair salon franchises are available in your area. Once you sign the franchise agreement, you must follow the franchisor’s rules and regulations. Make sure you are comfortable with these before you sign anything.
Consider your budget
How much money are you willing to invest in a hair salon franchise? It’s important to consider your financial situation before making a decision.
Consider your goals
What are your goals for setting up a hair salon business? Do you want to be your own boss? Do you want to work with a particular hair salon franchise? Consider your goals before making a decision.
Get advice from experts
Talk to hair salon experts and get their opinion on which franchise would be best for you. They may have insights that you didn’t consider.
How Much Does It Cost to Open a Hair Salon Franchise?
The initial franchise fee for opening a hair salon franchise can range from $20,000 to $69,500. This fee is typically paid upfront before starting the business. Along with the franchise fee, the total initial investment can range from $128,975 to $1,636,200. It’s important to carefully consider all costs and do thorough research before investing in a franchise opportunity.
Is a Hair Salon Franchise Profitable?
Owning your own salon can be profitable, but it can vary. To be profitable in any business, you’ll need to have a well-run operation with happy customers who keep coming back. Things like location, competition, marketing, and pricing will all play a role in how successful your business is.
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